MarketBuzz
1294: Marketbuzz Podcast with Kanishka Sarkar: Nifty 50 eyes 24,600, Bajaj Auto, SpiceJet in focus
[MUSIC PLAYING] Good morning, everyone. Welcome back to CNBCTV18's Market Bus Podcast. This is your host, Kanishka, Sarkar bringing you all the important updates ahead of today's trading session. Touching record highs every other day has almost become a pattern of sorts for the NFT. Come every morning, NFT makes new highs, closes off the highs, but ends the session with gains and another record closing level. Monday, the start of this new truncated week was no different. Even as the NFT traded in a 110-point range, it crossed the 24,600 mark, made a new high of 24,635, and closed above the levels of 24,550. Interestingly, barring SBI and ITC, none of the major index heavyweights contributed to NFTs up movie yesterday. Most of them ended with a flat to negative bias. But contributions came from PSUs like ONGC and NTPC, along with Bajaj Auto, which reports its results today. For the NFT, though, while the range remains narrow, the base continues to move higher. The index made a higher low on the daily chart for the third straight session, meaning the intraday low of that particular session was higher than the previous one. Well, today might turn out to be a volatile day for the financials, as the NFT financial services will have its expiry today. Additionally, the Wednesday being a market holiday, the NFT bank, too, will also have its weekly expiry Tuesday. Now, if NFT was trading with the premium of over 17 points from NFT futures Monday close, which indicates a flat to positive start for the Indian market today. Stocks like Geofonential Services and SpiceJet will be reacting to their quarterly results that they reported after market hours on Monday. Besides Bajaj Auto, stocks like Chrisill, D Development Engineers, D-B-Cop, Himadri Specialty Chemicals, Jubillet, Ingevia, Justile, L-L-D Finance, Network 18, and TV 18 will report their June quarter results on Tuesday. Now, apart from these, in confirmation of a CNBC TV 18 news break, Vedanta has launched a QIP to raise funds. Plow price of the QIP has been fixed at 461 rupees per share, which is at par with the stocks closing price on Monday. CNBC TV 18 had earlier reported that the company intends to raise up to 8,000 crore rupees through the QIP. Hindustan Unilever or HUL has approved a sale and divestment of the company's water purification business to A.O. Smith, India for $72 million. Unicam Labs were also being focused as the US FDA has issued five observation for the company's Goa facility. The company said that the observations were more procedural with none of them related to data integrity. The firm will provide the necessary response within 15 working days and says that the observations do not impact the business continuity. Lupin will also be in focus as it has divested its US commercial women's health specialty business, including solo sec2, evofem biosciences. It'll get up to $84 million through this divestment. Z entertainment shares, meanwhile, will be in focus as its board is going to hold a meeting today to consider fundraising. Now, several important global queues today. Stocks in Asia were muted in early Tuesday trading, following gains on Wall Street, fueled by optimism surrounding a second Donald Trump term as the former US president chose his running mate. Equity benchmarks rose in Japan and Korea, while those in Australia were steady. Futures for Hong Kong stocks pointed to a decline. US futures edged higher in early trade. After benchmarks, their client and traders priced a greater chance of a Trump win after he survived an assassination attempt. While caution in Asia comes amid signs of emerging market volatility in anticipation that Trump's tariff threats will be implemented. A guard of such currency snapped eight straight days of gains on Monday, with those in South Africa and Mexico, both seen as bellwethers of risk appetite, leading the losses. The dollar was little change. Overnight on Wall Street, the blue chip Dow also reached a new intraday high, advancing half a percent to close at 40,211. Similarly, the S&P 500 added 0.28% to 5,631, whereas the NASDAQ composite gained almost half a percent to end at 18,470. In the US, the Dow Jones Industrial Average hit an all-time high, as Trump named GD Vance as his running mate. Trump Media and Technology Group co-op, so 31%, conservative video-sharing platform, Rumbelink, jumped 21%. Now, Trump's rising odds of victory boosted oil producers, gun makers, and private prisons. His pro-cryptocurrency stance lifted the industry. Tesla Inc. rallied as Elon Musk endorsed Trump. Solar firms sank as Democrats are seen as more friendly towards the sector. Meanwhile, Federal Reserve Chair Jerome Powell said in an interview that the second-quarter economic data has provided policymakers greater confidence that inflation is heading down to central banks a 2% goal, possibly paving the way for near-term interest rate cuts. He made clear that he didn't intend to send any specific message about the timing of the rate reductions. In commodities, oil prices edged lower on worries about a slowing Chinese economy, crimping demand. Though a growing consensus at the US Federal Reserve will begin cutting its key interest rates as soon as September limited the declines. Brent crude futures fell to $84.76 a barrel. Among other updates back home, telecom minister Jotir Adityas India is likely to meet leaders from telecom and internet service providers. The DOT has called for a meeting of stakeholder advisory committee for TSPs that is telecom service providers. This committee includes Sunil Bharti Mathil, Akash Ambani, Kumar Mangalambala, and Ench Andrasekar. The issues of unsolicited commercial communication, network quality, and 60 are likely to be on the cards. While those are the few cues to watch out for today, this is Kanishka Sarkar signing off. Stay tuned to CNBC TV18 for more. [MUSIC PLAYING] [MUSIC PLAYING]